SBI Holdings plans to acquire a 20% stake in Indonesian online brokerage Ajaib Group for about $270 million by the end of this month, marking one of Indonesia’s largest tech financings in recent years. The deal is aimed at supporting issuance of SBI’s yen-pegged stablecoin JPYSC in Southeast Asia and building a blockchain-based cross-border settlement network.
Ajaib offers securities brokerage, FX margin trading, cryptocurrency and asset management services in Indonesia. SBI said the investment gives it access to a roughly $375 billion consumer retail market and more than 20 million retail investors. The move follows SBI’s acquisition of Singapore exchange Coinhako and investment in Singapore digital securities platform DigiFT, further expanding its regulated crypto and digital securities infrastructure in Southeast Asia.
SBI to Buy 20% of Indonesia’s Ajaib for $270M to Expand Stablecoin Settlement Network
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